Laid Off? Things to Take Care of Immediately

Whether budget cuts, restructuring, or something else led to your layoff, you likely didn’t have control over it. It’s scary to be suddenly without a paycheck. Everyone reacts to a job loss differently. Some of us panic and immediately start a new job search. Others relax and take some time off. No matter how you react, there are some essential things you must take care of.

Losing your job is difficult. Knowing your rights can help you cope when you get laid off. Federal and state laws govern employment. Find an employment attorney in your area to help with your situation.

Correct Mindset

Being laid off can be a blow to your mental health, so it’s essential to get yourself in a positive headspace. Remind yourself that it isn’t a result of your skill set. Instead, it’s the result of poor management by your company. Keeping your situation in perspective will help you find a new job.

Layoff Letter

Ask human resources for a layoff letter. The letter should explain why you lost your job. It’s an excellent way to let potential employers know you weren’t fired for poor performance. Be sure to review the letter to ensure it accurately reflects the circumstances of your layoff.

Final Paycheck

Your employer may give you your final paycheck right away. However, In some situations, like a mass layoff, you may not get your final paycheck for a while. Ensure it’s for the correct amount and all the deductions are in order. Also, determine if your boss will pay you for unused vacation and sick days.

Severance Package

Some employers will give you a severance package when you get laid off. A severance package isn’t only severance pay. It may also include things like health care and job search assistance.

Reviewing the terms of the package before you agree to it is essential. However, be aware of any deadlines associated with accepting the package.

Retirement Benefits

Find out your options if you’re enrolled in your employer’s retirement program. If you have a 401(k), you may have to move your funds to a personal retirement account immediately. You can also keep your funds in your employer’s plan for some time. A financial advisor can help you decide what’s best for your situation.

If you’re participating in a defined-benefit pension plan, you may qualify for your full retirement. It depends on how long you’ve worked for the company. If you’re not fully vested, you may be able to take a lump sum payout.

Health Insurance

Your health care must be taken care of while you look for a new job. Federal law allows laid-off employees to continue their medical insurance for up to 18 months. This coverage is known as COBRA. Unfortunately, COBRA can be expensive for you because you must pay the full amount of the coverage.

You should also find out about any other types of insurance that you have through your employer. Examples include vision, dental, and disability insurance,

Unemployment Benefits

You may qualify for unemployment benefits. Each state administers its own unemployment insurance program. You must contact your state unemployment office to find out if you are eligible and how to apply.

The Job Hunt

It’s time to find your next job. Setting up a plan can help you find a new job even in a poor job market. Mentors and a career coach can help you. Journaling is an excellent way to ensure you’re sticking to your plan.

The key is catching the attention of recruiters and hiring managers. Before you start your job hunt, update your resume and cover letter. Be sure to add the new skills and certifications you gained since you last updated it. You should also update your LinkedIn profile and register for online job boards.

Make it part of your daily routine to check Indeed, LinkedIn, and local job boards. Commit to filling out a certain of job applications every day or week.

Remember, many of the things listed above have firm deadlines. You may lose a benefit if you miss one.

Contact an Employment Attorney for Help

Mass layoffs are an unfortunate part of life. Losing your job can be frightening. It can also present new opportunities or even a new career. But first, there are some things you must take care of. Contact an employment attorney for legal advice on how to best deal with a layoff.